Tag: Finance

August 8, 2007 (LBO) – Sri Lanka’s new fuel pricing formula, seen as crucial to maintain economic stability and low inflation, is under threat barely two months after it started as opposition groups mounted pressure on the government. Subsidizing fertilizer and energy, together with the internal conflict has been identified as key factors that undermine […]

August 8, 2007 (LBO) – Standard and Poor’s Rating Services (S&P) has upgraded the outlook on Sri Lanka’s B+ foreign currency rating from negative to stable on the eve of a maiden sovereign bond issue. S&P said it was upgrading the outlook on account of better revenue collections, the elimination of fuel and electricity subsidies […]

August 4, 2007 (LBO) – Sri Lanka’s government has significantly altered its budget halfway through the year slashing public investment and bringing down a planned deficit, despite spending more money on salaries and interest. We haven’t established the groundwork in terms of economic policies and political stability to sustain higher growth.” Public investment, earlier budgeted […]

August 03, 2007 (LBO) – Sri Lanka’s central bank said its target for July reserve money was met with billions of rupees to spare and most of the inflation recorded in the month was due to administered price revisions. “Consequently, the annual average rate of the CCPI also moved upto 17.2 per cent in July […]

August 03, 2007 (LBO) – India has called on Sri Lanka to ‘speed up’ talks on the enhanced free trade pact between the two countries during talks with a delegation from the island seeking more Indian investments. Indian Minister of State for Commerce Jairam Ramesh said the two countries should seek to sign the bilateral […]

August 3, 2007 (LBO) – The Ceylon Chamber of Commerce has called for applications from Sri Lankan companies for its annual ‘Ten Best Corporate Citizen Awards’ contest. The awards, part of the chamber’s efforts to promote Corporate Social Responsibility (CSR) within the business community, will be held on November 29, 2007. The main objectives of […]

July 31, 2007 (LBO) – Sri Lanka’s bloated public sector has consumed a bulk of the additional tax collections in the first five months of the year, with the salary bill rising 30 percent, data released by the finance ministry shows. During the last three years the treasury and revenue authorities have tightened loopholes and […]

July 31, 2007 (LBO) – Sri Lanka’s consumer prices shot up to 17.6 percent in the year to July with the index growing 2.8 percent in the past 30 days, the government’s statistics office said Tuesday. . In the year to June inflation was only 13.0 percent, but monthly inflation has been edging up on […]

June 29, 2007 (LBO) – Less political victimization and better benefits have seen workers of privatized Sri Lankan companies opting out of trade unions, a recent survey showed. Meanwhile, the government has said it will close Sri Lanka’s privatization arm, the Public Enterprise Reform Commission, as the sale of state assets was no longer a […]

July 29, 2007 (AFP) – The recent escalation in fighting in Sri Lanka has not derailed the nation’s economy, with the island on track to record its fastest growth in nearly three decades, according to the central bank. Conflict between government troops and Tamil rebels has claimed more than 5,200 lives since late 2005, with […]

July 27 (LBO) – Small countries like Sri Lanka would have been better off had world trade talks succeeded as the alternative is bilateral trade deals with stronger, increasingly protectionist economic partners, a top European economist said. Protectionist sentiment was on the rise in established capitalist countries who feel threatened by the emergence of new […]

July 26, 2007 (LBO) – Sri Lanka’s balance of payments is under control despite the steady loss of foreign reserves in the past few weeks and the rupee coming under pressure, Central Bank officials said. The country has been losing foreign reserves since April when international reserves peaked in the wake of tight monetary policy […]